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. The former boss and chief operating officer of Afren, a London-listed oil and gas exploration business, are to be charged with criminal offences in relation to an alleged £45m fraud that led to the collapse of the £2bn company. ...
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. The former boss and chief operating officer of Afren, a London-listed oil and gas exploration business, are to be charged with criminal offences in relation to an alleged £45m fraud that led to the collapse of the £2bn company. ...

.... “But ministers must also do far more to reduce investment in climate-wrecking fossil fuels, such as fracking and deep sea oil exploration. If we want to stop climate change, 80% of the world’s coal, oil and gas reserves must be left in the ground. ...

....Mark Whitehead, portfolio manager at Martin Currie, says UK stocks have lagged behind global equities, not because of Brexit or slower economic growth, but because of a hidden flew in our market. The benchmark FTSE 100 is over exposed to the volatile oil and gas sector through oil majors such as BP and Royal Dutch Shell, and has struggled with the price of crude plunging to $50 a barrel. ...

.... The government has proposed changing tax relief rules around decommissioning to support the sector, with a final decision expected at the autumn budget. Andrew Jones, a Treasury minister, told an industry conference on Tuesday: “The government remains fully committed in its support of the UK’s oil and gas industry. ...

.... It is the only large-scale form of renewable energy still supported by the government. Wright, the former chief executive of Southern Water, took over the UK arm of the Danish state-owned Dong in June, shortly after the company sold off its remaining oil and gas business for £1bn to Ineos. ...

.... Those included “reckless disregard for US sanctions requirements when it failed to consider warning signs associated with dealing in the blocked services of (a sanctioned person)”; that “Exxon Mobil’s senior-most executives knew of Sechin’s status . when they dealt in the blocked services of Sechin”; that the deals “caused significant harm to the Ukraine-related sanctions program objectives”; and that the company “is a sophisticated and experienced oil and gas company that has global operations and routinely deals in goods, services and technology subject to US economic sanctions and US export controls”. ...

....The American shale gas revolution will enjoy a second wind as rapid growth in domestic production sees the US join the world’s club of top gas exporters, a leading energy authority has predicted. Fracking has already opened up US shale oil and gas deposits, leading to a fall in gas prices and a drop in greenhouse gas emissions as power generation switches from coal to gas, as well as reducing America’s historical reliance on fossil fuel imports. ...

.... One factor has been the shift in economic output and labour from high productivity industries in recent years. While the number of people working on North Sea oil and gas rigs has gone down, the number of people employed by supermarkets to fill shopping baskets for home deliveries has gone up. ...

....British taxpayers face paying billions of pounds more than previously expected for dismantling the North Sea’s oil rigs in a further sign that the industry is becoming a burden on public finances. Decommissioning oil and gas facilities across the UK continental shelf will cost an estimated £59. ...

....Like many new technologies, the biggest challenge will be cost. Behind the turbines at the deepwater port of Stord in Norway sits a huge lifting vessel usually used in the oil and gas industry. ...

....Security experts from the National Cyber Security Centre and companies including Siemens also recently attended a summit on cybersecurity and energy infrastructure, hosted by Energy UK and the Department for Business, Energy and Industrial Strategy. The issue is not just a concern for the power sector, but for oil and gas producers too. ...

. More than a fifth of investment by the largest oil and gas companies could be in wind and solar power in just over a decade, according to analysis of how global changes in energy will reshape the sector. ...

.... Now Norwegian researchers are exploring the seafloor deep into the Arctic circle and have found several new vent systems near Jan Meyen island. “I think there is huge potential,” says Filipa Marques, at Bergen University, adding that Norway’s 40-year history of offshore oil and gas puts it in a strong position to exploit the resources. ...

....In Temer’s first month as president, three more of his ministers were forced to resign as a result of secretly recorded phone conversations, which confirmed Rousseff had been ousted because she would not call off the Car Wash investigation. “We have to stop this shit … We have to change the government to be able to stop this bleeding,” one of the chief plotters, Romero Jucá – the PMDB leader in the upper house – told Sérgio Machado, the former president of Transpetro, Brazil’s largest oil and gas transportation company. ...

....”. The ExxonMobil resolution, introduced by the New York State Common Retirement Fund, says that the company “should analyze the impacts on ExxonMobil’s oil and gas reserves and resources under a scenario in which reduction in demand results from carbon restrictions and related rules or commitments adopted by governments consistent with the globally agreed upon 2-degree [C] target”. ...

....Three of the donors have attended dinners with May or senior ministers since she took office. The payments will raise eyebrows because the 2017 manifesto includes a specific commitment to build upon previous “unprecedented” government support for the oil and gas industry. ...

....Shell’s board has asked shareholders to vote against the resolution, which to pass would require 75% to vote in favour. Shell argued that unilaterally setting targets would harm the company and that the emissions from the burning of its oil and gas were largely covered by country’s individual climate plans under the Paris accord. ...

....Campaigners are encouraging investors to vote against the policy on the grounds that company strategy appears “misaligned” with the Paris climate deal’s goal of avoiding dangerous global warming. ShareAction acknowledged BP was doing better than rival Shell on removing oil and gas volume production targets from its pay policy, but said BP’s corporate strategy was failing to adapt the firm for a lower carbon world. ...

....The Serious Fraud Office has launched an investigation into a company run by a major Conservative donor who is one of the prime minister’s business ambassadors. Petrofac, which provides services to the oil and gas industry, is being investigated by the SFO over suspected bribery, corruption and money laundering. ...

....A Russian billionaire has been ordered to pay his estranged wife £453m in a divorce settlement at a British court. The payment from the 61-year-old, a former oil and gas trader, to his ex-wife, 41, has been described as one of the biggest awards made by a UK court. ...

.... Sri, 81, and Gopi, 77, first topped the rich list in 2014 and have made their fortune from a business empire started by their father in Mumbai in 1914. Today, the Hinduja Group employs more than 70,000 people and has global investments in a range of sectors including oil and gas, property, media and banking. ...

.... The carbon market currently costs industries such as oil, cement, and steel just under €5 per tonne of carbon they emit. The oil and gas industry are among the sectors seeking clarity on whether the UK will stay or go. ...

....The company said these would protect the jobs of 1,700 existing staff at three major sites at Rotherham, Stocksbridge and Brinsworth in South Yorkshire, smaller sites in Bolton, Lancashire and Wednesbury in the West Midlands and two distribution centres in China. Speciality steels produces a range of high-value steels used in the manufacture of vehicles, aircraft, industrial machinery and equipment for the oil and gas industry. ...

....1bn) profit, on the replacement cost measure, compared with a $485m loss a year earlier. Oil prices have been about 35% higher in the first three months of 2017 compared with a year earlier, boosting revenue from BP's core oil and gas production division. ...

....However, Helm is bullish on the US. Donald Trump is a “very lucky president in energy terms”, because Barack Obama was “the fossil fuel president” who oversaw a huge increase in oil and gas production and set the country on course to energy independence. ...

....The topsides have now been sea-fastened on board the vessel for transportation to Teesside. Brent Delta was one of the first platforms to be built in the very early days of Britain's oil and gas industry. ...

.... . For example, oil giant ExxonMobil has said it generally supports "comprehensive review", but opposes increases on the oil and gas industry, which currently benefit from some types of business deductions. ...

....Tony Hayward has many calls on his time – the former BP chief executive, who lost his job after the Deepwater Horizon disaster, is chairman of Glencore, for starters – but impoverished shareholders in Genel Energy are entitled to feel miffed that their chairman is bowing out now with the shares 90% below their launch price. When he joined this Nat Rothschild-backed venture in 2011, Hayward declared the Kurdistan region of Iraq to be “one of the last great oil and gas frontiers”. ...

....However, the Pioneering Spirit is the product of decades of work by Allseas, its Dutch-Swiss owner and one of the world’s two biggest oil pipeline laying companies. The unique design of the ship, built over three years in a South Korean shipyard, will be key to removing Delta and the other rigs among the 470 North Sea oil and gas installations in UK waters. ...

....On Friday, attorneys for the government asked a federal court in Washington to delay a key case so the Environmental Protection Agency (EPA) could review its stance on rules capping smog pollution. It also emerged that the day before, interior secretary Ryan Zinke told industry insiders that Trump plans overturn bans on drilling off Alaska and the Eastern Seaboard, while making new oil and gas exploitation rights available. ...

....". He added: "While the downturn in the oil and gas sector remains part of the explanation, it is difficult to ignore the substantial declines in construction over the past year (-6%) or in manufacturing (-7. ...

....Ineos said it had agreed with BP to buy the Forties Pipeline System, which transports nearly 40% of the oil produced in the North Sea and employs 300 people. The sale gives its billionaire founder-owner Jim Ratcliffe control of a 100-mile system of pipelines, as well as the Kinneil terminal, which processes oil and gas for Ineos’s vast Grangemouth refinery. ...

....It is one of the oldest in the sector, having started operating in the Forties field in 1975. The 235-mile line links 85 North Sea oil and gas fields to the UK mainland, and to the Ineos site in Grangemouth. ...

....Deirdre Michie, chief executive of industry body Oil and Gas UK, said: "This is extremely exciting and welcome news for the UK Continental Shelf. "Hurricane Energy's announcement - coming just days after the Oil and Gas Authority awarded new licences to companies to explore for oil and gas in frontier areas - demonstrates the significant remaining potential of the UKCS. ...

.... The Atlantic Council’s Global Energy Center proposed molecular marking, where criminals cannot see that fuel is marked but authorities can test to see if it is illegitimate, and better tracking of oil tanker trucks. Separately on Tuesday, the credit rating agency Moody’s said the oil price recovery in recent months had led it to upgrade the outlook for the major oil and gas companies from “stable” to “positive”. ...

.... “We’re more competitive, so as an industry, we’re in a better place,” says Michie, who speaks of a “cautious optimism” as oil prices have crept up to about $52 since major oil countries announced production curbs last December. Lower operating costs will be crucial if Scotland is to recover the UK’s remaining oil and gas, of which it holds 88%, according to analysts. ...

.... All the same, Amec’s shares hit £12 in 2014 before Brikho set his eyes on Foster Wheeler, a bigger deal than he had attempted in the past. The purchase took Amec into unfamiliar downstream parts of the oil and gas industry and, more importantly, saddled it with £1bn of debt just as the commodity prices fell. ...

....Coal use fell by a record 52% in 2016 on the previous year in the face of cheap gas, higher domestic carbon prices, renewables and other factors. The drop was partially offset by increased emissions from oil and gas. ...

....But, despite this early and clear-eyed view of the risks of global warming, Shell invested many billions of dollars in highly polluting tar sand operations and on exploration in the Arctic. It also cited fracking as a “future opportunity” in 2016, despite its own 1998 data showing exploitation of unconventional oil and gas was incompatible with climate goals. ...

....A giant pension scheme with more than 4 million members is shifting almost 10% of its investments into a new climate change fund designed to move people’s money out of fossil fuels and into renewable energy. Nest (National Employment Savings Trust), a publicly owned scheme set up by the government, said it was moving £130m into the fund because it wanted to protect its worker members from the risks associated with climate change by reducing their exposure to companies with reserves of coal, oil and gas. ...

....". The downward revision appeared to have been prompted by weaker North Sea oil and gas production during the first six months of 2016, and did not reflect the underlying strength of the UK economy, he added. ...

.... Rolls, which makes engines for Boeing’s 787 Dreamliners and Airbus’s A380 superjumbos among others, has been affected by lower-than expected demand for the wide-bodied airliners to which it supplies engines. It has also been hurt by cuts to defence spending and the decline in the oil price, which has lowered demand from the offshore oil and gas industry for its marine products. ...

....Ineos will set up a new division, Ineos Automotive, and expects to spend “many hundreds of millions” on developing a 4x4 vehicle that could fill the gap in the market left by the Defender, which has been discontinued by Jaguar Land Rover. The company is focused on manufacturing and distributing chemicals, oil and gas, but Ratcliffe is a self-confessed admirer of the Defender. ...

.... He can expect the full support of his secretary of state, Rex Tillerson, the former boss of ExxonMobil, a prominent member of the API. The oil and gas lobby group has successfully portrayed Cardin-Lugar as another bit of excessive bureaucracy that will put American companies at a competitive disadvantage. ...

....Rolls, which makes engines for Boeing’s 787 Dreamliners and Airbus’s A380 superjumbos among others, has been affected by lower-than expected demand for the wide-bodied airliners to which it supplies engines. But it has also been hurt by cuts to defence spending and the decline in the oil price, which has lowered demand from the offshore oil and gas industry for its marine products. ...

....Democratic leaders, meanwhile, remain largely silent. Presidential candidate Hillary Clinton never came out against the project during her candidacy, and collected hundreds of thousands of dollars from the oil and gas industry in last year’s campaign cycle. ...

....But critics think the tax regime is unjust. “The massive tax breaks being offered to the oil and gas industry to clean up its toxic legacy amount to yet another subsidy to the fossil fuel industry,” said Banks. ...

....8bn (£3bn) to a company headed by Linda Cook, who left the Anglo-Dutch group more than seven years ago after missing out on the top job. American-born Cook, nicknamed the first lady of oil and gas by the City, had been at Shell for 29 years and was latterly in charge of the group’s gas and renewables businesses. ...

....Global demand for oil will still be growing in 2035 even with an enormous growth in electric cars in the next two decades, with numbers on the road rising from 1m to 100m, BP has predicted. The oil and gas giant predicted that despite electric cars spreading rapidly and renewable energy recording exceptional growth, oil demand would still rise because of rising prosperity in the developing world. ...

.... There is an ingrained culture of short-termism in which consumers spend more than they earn and governments can see no further than the next election. As the Wikipedia list of sovereign wealth funds shows, even the world’s poorest countries have tried to put some of the proceeds from oil and gas extraction away for a rainy day. ...

....Saudia Arabia’s energy minister will be in demand as a key voice on Opec after the oil-producing countries recently agreed to cut output sending oil prices soaring. Al-Falih, who is also chairman of state oil and gas giant Saudi Aramco, has been put in charge of leading Saudi Arabia Vision 2030 – the country’s plan to diversify away from oil dependency. ...

....The payouts from the third-party trust will mimic the planned payouts from Exxon, though by retiring in January rather than March, Tillerson will forfeit some $7m. If Tillerson re-enters the oil and gas industry within 10 years, he will forfeit the remaining money in the trust, which would be paid out to charities of the controlling trustee’s choosing. ...

.... Rolls-Royce said it was fully cooperating with investigations into the allegations and could not comment in detail. Earlier this year, Australia’s Fairfax Media published an investigation into the oil and gas services firm Unaoil after a leak of the company’s emails. ...

....Tillerson’s critics say he is too close to the Russian president, Vladimir Putin, and that his appointment could raise potential conflicts of interest. ExxonMobil is the world’s largest oil company and has for a long time been eyeing Russia’s vast oil and gas deposits. ...

....BP will take a 10% share in ADCO, which owns onshore oil fields that account for most of Abu Dhabi's production. The deal will dramatically raise BP's share of oil and gas production in the emirate, from 95,000 barrels of oil a day to 260,000 barrels a day next year. ...